U.S. Department of Agriculture guarantees $40 million loan for Eagle County renewable generating plant

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Colorado U.S. Senator Michael Bennet announced Thursday the U.S. Department of Agriculture approved a $40 million loan guarantee to Eagle Valley Clean Energy, LLC to finance a renewable generating plant in Gypsum.

The plant will utilize wood biomass for fuel and will have a capacity of 11.5 MW, enough to power nearly 10,000 homes.

"This loan guarantee is proof of Colorado's leadership in innovative renewable energy technologies, as we work to modernize and improve how rural communities in our state receive their electricity," Bennet said. "These efforts to diversify and clean our energy portfolio are a positive step forward."